For Q4 of fiscal 2013, Brocade reported revenue of $559 million, a 3 percent year-over-year decline. Revenue for the full year was down by 1 percent year-over-year, coming in at $2.2 billion. While revenue was down, however, net income is on the rise. For the fourth quarter, Brocade reported net income of $64 million, up from $54 million a year ago. For the full year, Brocade reported its net income at $208.6 million, up from $195.2 million in 2012.
Looking forward, Brocade provided some mixed revenue guidance for the first quarter of fiscal 2014. Brocade expects its storage (SAN) revenue to grow by 3 to 5 percent quarter-over-quarter. In contrast, the vendor expects IP Networking revenue to shrink by 10 to 17 percent quarter-over-quarter. Brocade blames the IP Networking weakness on U.S. government-related woes stemming from sequester-related disruptions. Rival networking vendor Cisco recently reported a similarly weak outlook.